If you’re tired of paying exorbitant premiums for medical malpractice insurance—which may not actually protect you when it matters most—you may be thinking about “Going Bare.” In recent years, a lot of clinicians have opted to drop their coverage, and since rates continue to climb, it’s reasonable to assume many more will follow suit.
If you’re still on the fence about Going Bare, here are some of the biggest reasons to consider doing so:
1. Saves Thousands of Dollars Each Year
Insurance premiums have reached an all-time high. In 2019 alone, more than 25 percent of the rates for OB-GYNs, surgeons, and internists rose, and researchers suspect they’ll only continue to increase in the coming years. In other words, you could save thousands on overhead costs annually by foregoing medical malpractice insurance.
2. Prevents Sunk Costs
Considering a single malpractice claim can demand millions of dollars in compensation, it’s not uncommon for insurance carriers to file for bankruptcy. If they have to pay out just two or three seven-figure claims a year, it might be enough to threaten their bottom line.
As such, you can’t be sure that your carrier will even be able to honor the terms of your contract. You could pay into your policy for years, and then they could go out of business just before you find yourself facing litigation.
3. Prevents Frivolous Claims
Plaintiff attorneys want to avoid taking on Bare providers at all costs. They know the chances of securing a satisfactory payout are slim because the defendant will have to cover the settlement or verdict out of pocket. As such, they tend to dissuade patients who feel they’ve been wronged from proceeding.
4. Reduces Your Total Obligations
When a patient has an especially strong case against a Bare physician, his or her lawyer may be willing to proceed. Because of the circumstances, however, the legal team will not seek nearly as much compensation as they would’ve if the defendant were insured. At the end of the day, they know doing so would be futile.
5. De-Incentivizes Formal Lawsuits
In general, practitioners who opt to Go Bare tend to face fewer suits than those who are insured. If negotiations with an insured provider prove unsuccessful, the patient will likely proceed with a formal lawsuit.
Commencing such proceedings against an uninsured provider, on the other hand, is rarely worth the time, effort, or hassle. Preparing a case for trial is an incredible amount of work, and most reputable firms are not inclined to do so unless it will be worth their while.
Speak with a Medical Malpractice Defense Attorney Today
If you want to replace your medical malpractice insurance with prepaid legal defense, contact Lubell Rosen. Comprised of AV-rated lawyers, this firm is well-versed in defending both insured and Bare physicians, and they’re proud to offer convenient prepaid services for the latter. Call (954) 880-9500 or use our Online Contact Form to discuss your needs with a medical malpractice defense lawyer.